Cybersecurity Aids Financial Institutions Performance

Cybersecurity has emerged as a phenomenon of our current era. It has healthy practices, making it now vital for firms and more significant than ever before. The related regulations also ensure that all firms bear proper and stable security systems to avoid security breaches that may jeopardize clients' identities and other values. This study proposes a model viable for future empirical investigation, which investigates the relationship between cybersecurity level achieved, particularly in the Gulf Corporate Council of countries and region-i.e., its banks-to comprehend their ultimate performance. For now, this research in progress proposes theoretical and practical implications. This chapter proposes a model viable for future empirical investigation, which investigates relationship between cybersecurity level achieved, particularly in Gulf corporate council of countries and region-i.e., its banks-to comprehend their ultimate performance. Roy, A. examined relationship between cybersecurity and competition intensity in the market. He approximated cybersecurity by internet-patching and vulnerability discovery. Roy, A. found empirical evidence that cybersecurity is negatively related to market intensity. In other words, more competitive the market is, the less likely for firms to spend time on security provisions. Groot, J. have also conducted research in which they investigated how a denial of service attack would impact the capital market. The results showed no noticeable or significant impact that a denial of service attack has on the capital market. The chapter suggests that financial institutions can follow a practical and theoretical framework to develop cybersecurity practices to protect its assets and data from cyberattacks, which will help achieve their vision and enhance their financial position.